Today we want to look a little closer at the tax planning process and how it differs from the tax preparation we do every year in April. Positioning yourself correctly while you’re working can possibly save you thousands of dollars in retirement.
Frank will break down the three tax buckets your money could go into and discuss some common strategies you can use based around those buckets. Plus, we will spend time on Required Minimum Distributions (RMDs) and the impact they will have on your taxes in retirement. No matter how close you are to your retirement age, we want to make sure you are taking the proper steps now to avoid that tax bomb down the road.
Here are some of the highlights from this episode:
0:00 – Intro
3:52 – Tax planning vs tax filing
5:15 – Safe to assume that taxes will be lower in retirement?
9:10 – Three tax buckets
10:07 – Tax strategies to consider when you’re working
12:05 – How taxes fit into legacy planning
13:39 – Required minimum distributions
17:57 – Frank’s favorite bands
19:12 – Listener question on tax-free income
Learn more about the T.I.M.E. planning process by clicking here.
You can also schedule a free planning session with Frank Oliver and the team by clicking here.
Advisory services offered through CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Oliver Asset Management are unaffiliated entities.
Licensed Insurance Professional. Respond and learn how financial products, including life insurance and annuities can be used in various planning strategies for retirement. The information contained herein is based on our understanding of current tax law. The tax and legislative information may be subject to change and different interpretations. We recommend that you seek professional tax advice for applicability to your personal situation.
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